Home Featured SBI in Talks With MMTC to Market Indian Gold Coins

SBI in Talks With MMTC to Market Indian Gold Coins

0
SBI in Talks With MMTC to Market Indian Gold Coins

By , ET Bureau

Full Article: SBI in Talks With MMTC to Market Indian Gold Coins

Kolkata: State Bank of India, the country’s biggest lender, plans to market Indian Gold Coins promoted by the government with the national symbol Ashok Chakra engraved on it.

SBI said it is in the process of entering into an agreement with state-run bullion trader MMTC. At present, Indian Gold Coins are available in the designated branches of just three banks–Indian Overseas Bank, Vijaya Bank and Federal Bank. MMTC outlets market these coins, which are hallmarked as per BIS standards.

“Sale of gold coins can be started after the software appli cation of MMTC is made compatible with the bank’s banking software,” the bank said responding to ET’s query .

Indian Gold Coins have 24 karat purity and 999 fineness. They carry advance counterfeit security features and tamper-proof packaging. The gold coins are available in 5 gm and 10 gm. For buyers, there is also the option of Indian Gold Bar of 20 gm.

SBI did not specify on when it intends to start marketing the government-sponsored coins.Given the nitty-gritties of the software integration, it may take at least a couple of months.

Launched in November last year by PM Modi, the national gold coins are still not available easily through bank branches unlike in the past when banks used to im port gold coins to sell them to Indian consumers. RBI banned banks from importing gold in 2013 to rein in the import bill. Indian Gold Coins are being minted using the gold that is being mobilised under the Gold Monetisation Scheme, mostly from temples.

SBI said it would market the coins in select branches where it sees good selling opportunities. Earlier, it had designated some 200 branches to sell the imported gold coins.

By , ET Bureau

Full Article: SBI in Talks With MMTC to Market Indian Gold Coins

Disclaimer© 2010 Junior Gold ReportJunior Gold Report’ Newsletter: Junior Gold Report’s Newsletter is published as a copyright publication of Junior Gold Report (JGR). No Guarantee as to Content: Although JGR attempts to research thoroughly and present information based on sources we believe to be reliable, there are no guarantees as to the accuracy or completeness of the information contained herein. Any statements expressed are subject to change without notice. JGR, its associates, authors, and affiliates are not responsible for errors or omissions. Consideration for Services: JGR, it’s editor, affiliates, associates, partners, family members, or contractors may have an interest or position in featured, written-up companies, as well as sponsored companies which compensate JGR. JGR has been paid by the company written up. Thus, multiple conflicts of interests exist. Therefore, information provided herewithin should not be construed as a financial analysis but rather as an advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. No Offer to Sell Securities: JGR is not a registered investment advisor. JGR is intended for informational, educational and research purposes only. It is not to be considered as investment advice. Subscribers are encouraged to conduct their own research and due diligence, and consult with their own independent financial and tax advisors with respect to any investment opportunity. No statement or expression of any opinions contained in this report constitutes an offer to buy or sell the shares of the companies mentioned herein. Links: JGR may contain links to related websites for stock quotes, charts, etc. JGR is not responsible for the content of or the privacy practices of these sites. Release of Liability: By reading JGR, you agree to hold Junior Gold Report its associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred.

Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by our use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates”, “has potential to”, or “intends’ or by discussions of strategy, forward looking numbers or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company’s business model; future operations, products and services; the impact of regulatory initiatives on the Company’s operations; the size of and opportunities related to the market for the Company’s products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance. Junior Gold Report does not take responsibility for accuracy of forward looking statements and advises the reader to perform own due diligence on forward looking numbers or statements.